The Latest
-
Spencer Platt / Staff via Getty Images
TD names Treasury vet to financial crime risk management post
Andrew Jensen joined the Canadian lender last year as global head of sanctions. Jensen will maintain those duties, too, when he moves into his new role Monday.
-
benedek via Getty Images
Pennsylvania banks to merge in $54.9M deal
Wayne Bank, a subsidiary of Norwood Financial Corp., will expand its footprint into central and southeastern Pennsylvania with the acquisition of Presence Bank.
-
Simon Carter Peter Crowther via Getty Images
Wise to pay $4.2M, boost AML oversight in 6-state settlement
Wise allegedly failed to provide for frequent independent review of its anti-money laundering program. Regulators also found deficiencies in the investigation and reporting of suspicious activity.
-
Justin Sullivan / Staff via Getty Images
Citi to open Charlotte office, add 510 jobs
The lender will spend $16.1 million on the office, which is slated to open by early 2026, according to a bank memo.
-
ipopba via Getty Images
Community banks view embedded finance as key to longevity: report
Despite increased regulatory scrutiny of banking-as-a-service, over half of the surveyed community bank respondents are considering implementing BaaS or embedded banking solutions.
-
Permission granted by Frost
Frost CFO: ‘We are that stable bank in Texas’
The San Antonio lender has hung its hat on long-term organic growth. “We get to bring in customers that chose us, not that we bought,” said Dan Geddes, a 28-year Frost veteran. “We get to recruit the bankers that want to be with us.”
-
Jack Taylor via Getty Images
BNY to custody Ripple USD
BNY custodies two other stablecoins – Circle’s USDC, since 2022, and SocGen’s USD CoinVertible, since June.
-
Courtesy of Monzo press kit
Monzo fined $28.7M over AML flaws
This is the 10th financial crime control failings-related fine imposed by the FCA in the last four years, and follows a similar action against fellow U.K. neobank Starling last year.
-
Drew Angerer via Getty Images
ColumnDive Deposits: Summer is the season of regulator roulette
The sidelining of the CFPB’s top fair-lending official, early-out of a leading Fed supervisor, and President Trump’s gripes toward Jerome Powell have turned July into a game of “start-bench-cut.”
-
Anna Moneymaker via Getty Images
Court denies open banking briefs
A federal judge said “friend of the court” briefs wouldn't be helpful in litigation over the Consumer Financial Protection Bureau’s open banking rule.
-
CRobertson via Getty Images
Louisiana takes a turn as small-bank M&A epicenter
In the first week of July, two Baton Rouge banks have made $83 million deals to acquire competitors.
-
Permission granted by Citizens
Citizens spies opportunity with Chase card move
As premium credit card fees climb, “it does create a little more room for us to compete in between,” the regional bank’s head of lending said.
-
Creative via Getty Images
Planet Hollywood sues Florida bank in alleged PPP fraud
BankUnited forced Planet Hollywood and its affiliated companies to reapply for a PPP loan, for which they lost the opportunity to have at least $4.5 million forgiven.
-
Michael A. McCoy / Stringer via Getty Images
Warren demands Zelle scam update
In letters to Zelle’s bank owners, Sen. Elizabeth Warren and two other Democrats asked what the financial institutions are doing to protect customers using the digital payments service.
-
Win McNamee / Staff via Getty Images
Capital One shutters Discover home equity business
A website notification says Discover Home Loans “is no longer accepting applications for new home equity or mortgage refinance loans, although we will continue to process applications that are in progress.”
-
Douglas Rissing via Getty Images
Fed bans Wyoming ex-banker over charity embezzlement
Kendall Hickman, a former employee of Jonah Bank of Wyoming, embezzled more than $33,000 in funds from a nonprofit organization while working as a part-time bookkeeper.
-
Kent Nishimura via Getty Images
Warren slams Fed’s proposed tweaks to stress capital buffer
In a public comment, the senator urged the central bank to withdraw a proposal to allow banks to use an average of the past two years’ stress testing losses in the calculation of their buffer.
-
Permission granted by Navy Federal Credit Union
CFPB drops $95M overdraft case against Navy Federal
The move is yet another example of the current bureau’s retreat from Biden-era consent orders.
-
Michael M. Santiago / Staff via Getty Images
Top US banks boost dividends
JPMorgan and Morgan Stanley announced share repurchase programs. Wells Fargo and Goldman Sachs, meanwhile, will see current stress capital buffers lowered.
-
Michael M. Santiago / Staff via Getty Images
Goldman taps new global chairman of investment banking
Raghav Maliah joined the firm in 2000 and currently holds two lead roles in the Asia Pacific region.
-
Creative via Getty Images
Making sense of the ‘crazy quilt’ of financial regulators
Federal banking agency job cuts and a deregulatory push have again stoked conversations around consolidation. Merging agency functions could make sense, but here’s why it’s unlikely to happen.
-
Creative via Getty Images
NCUA closes 2 credit unions in 2 days
The regulator closed Aldersgate Federal Credit Union and Butler Heritage Federal Credit Union; Aldersgate was placed in conservatorship last month, after operating in an “unsafe and unsound manner.”
-
Matthew Lloyd via Getty Images
StanChart hit with $2.7B lawsuit tied to 1MDB scandal
Liquidators of three 1MDB-related companies claim that Standard Chartered permitted more than 100 intrabank transfers that enabled massive fraud of Malaysia’s sovereign wealth fund.
-
Webster Bank taps former Ally CRO
Jason Schugel, whose 15 years at Ally included six as chief risk officer, has been appointed CRO at Webster, effective July 14.
-
Permission granted by TD Bank
Ex-TD employee pleads guilty to receiving bribes, forging bank documents
Between 2022 and 2023, Jhonnatan Steven Rodriguez opened approximately 140 bank accounts for customers who had contacted him via text in exchange for small bribes between $200 and $250.
